The Great Resignation: Not So Much in Connecticut, Comparatively

It has become known as the Great Resignation – the disruption in the job market induced by the two plus years of the pandemic.  The latest data, however, indicates that a state-by-state comparison show that Connecticut is among the most stable, showing the fifth lowest resignation rate.

While the nation’s highest resignation rates can be seen in Alaska, Montana, Wyoming, Florida and Georgia, the lowest are in Connecticut, New Jersey, New York, Massachusetts and the District of Columbia.  The data was compiled by the financial website WalletHub, using data from the U.S. Bureau of Labor Statistics.

“The experience of the pandemic, especially lay-offs and early retirements, have undoubtedly contributed to the current tightness in the labor market. Remote work and the other disruptions caused by the pandemic have likely also contributed to many people reassessing their preferences for where they live and how they work, which has led to more turnover too,” explains Joshua L Rosenbloom,  Department Chair, Department of Economics, Iowa State University.

According to the data, Connecticut’s resignation rate was 1.90% last month, and 2.29% over the past 12 months.  That compares with 4.70% and 4.18% for Alaska, at the other end of the spectrum.

The website points out that “Millions of Americans are quitting their jobs each month, even in the face of rising inflation. The incentives available from changing jobs, as well as a desire to get away from careers impacted most by COVID-19, are two big factors driving what’s been dubbed the ‘Great Resignation.’’

Among the New England states, and Connecticut’s northeast neighbors, the 12-month data indicates the following resignation rates:  Vermont 3.70%; New Hampshire 3.10%; Rhode Island 2.20%; Maine 2.10%; Connecticut 1.90%; New York 1.90%; Massachusetts 1.70%; New Jersey 1.70%.

Barry Bluestone, the Russell B. and Andrée B. Stearns Trustee Professor Emeritus of Political Economy in the School of Public Policy and Urban Affairs at Northeastern University noted that “In cities with a very high cost of living (e.g., San Francisco, New York, Boston), the cost of housing has slowed in-migration despite plentiful job openings. Increasing the amount of affordable housing may have to become part of a labor market strategy.

The full list of states and related data can be seen here.